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November 28, 2019

Home insurer Openly raises $7.65m seed funding

Openly, a US-based provider of tech-enabled home insurance, has raised a $7.65m seed funding in a round led by Google’s AI-focused venture fund Gradient Ventures.

It is supported by investors and reinsurers, including PJC, Techstars Ventures, Greenlight Re, and The Hanover Insurance Group.

Openly provides its up-market home insurance products completely via independent insurance agents, instead of selling directly to consumers without agents.

To fulfil their customers’ changing requirements, Openly equips insurance agents with modern technology, better products, unique pricing, as well as lead generation support.

Additionally, the company uses emerging data sources, AI and next-generation predictive models, which allows agents to generate firm quotes for their customers in less than 20 seconds.

Openly CEO and co-founder Ty Harris said: “Some people in the tech world think that the term ‘insurance agent’ refers to a relic of the past, but they’re wrong.

“At Openly, we know agents add value by delivering objective advice and options to their clients. Our goal is to help agents as they work to modernise their businesses.

“We let them offer their customers better, faster and more economical products with comprehensive insurance protection for a wide range of needs.”

Along with funding, Openly debuted in Arizona and Illinois. It is also planning to expand into other US states such as Massachusetts, Pennsylvania and Tennessee in the future.

In Arizona and Illinois, Openly is offering a premium homeowners insurance product that offers up to $5m replacement cost on the home, confirmations to cover home-sharing, voluntary coverage to insure losses arising from cyber intimidation, among others.

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